PhonePe Promotes Srijon Biswas to CTO as Cofounder Rahul Chari Steps Into CPTO Role
PhonePe reshuffles its tech leadership—elevating Srijon Biswas to CTO while cofounder Rahul Chari takes on the CPTO mantle—amid a string of senior exits and a paused India IPO. The UPI leader posted H1FY26 revenue of ₹3,918.5 Cr with a narrowed net loss of ₹1,444.4 Cr.
What happened
PhonePe elevated Srijon Biswas to CTO while cofounder Rahul Chari becomes CPTO, amid multiple leadership exits and a paused India IPO. UPI payments leader's
Key facts
- net loss ₹1,444.4 Cr H1FY26
- revenue ₹3,918.5 Cr H1FY26
- FY25 revenue ₹7,114.8 Cr
- IPO ~₹12,000 Cr ($1.35 Bn)
- valuation ~$15 Bn
Why this matters
The reshuffle and paused IPO suggest PhonePe is consolidating internal leadership before a market re-entry, worth tracking for partnership or acqui-talent openings created by the senior exits.
What to watch
- Additional C-suite or founding-team departures within 90 days
- Formal IPO relaunch or updated valuation guidance (~₹12,000 Cr band)
- H2FY26 numbers: whether net loss continues narrowing below ₹1,444 Cr trajectory
- Regulatory shifts on UPI MDR that would materially change monetization
- Competitive moves from Google Pay/Paytm on market share
- Watch for a fresh IPO timeline/DRHP filing signal within 2-4 quarters tied to profitability milestones
- Expect internal reorg cascading to VP/director-level appointments under the new CTO
- Monitor push into higher-margin verticals (lending, insurance distribution, merchant services) to offset UPI margin pressure
- Retention packages / ESOP repricing likely to stem further senior exits